with a full course load and working 40 hours a week just wondering if anyone knows about any special breaks that i can get? also this year shows me paying about 14k for school with no financial aid or grants. Any ideas?
I believe education costs are deductible to a point. Should be easy enough to figure out with something like Turbo tax I would think.
~Matt
Could be wrong, but depending on how much income you had, you may be exempt. I would check with a tax professional.
Sorry, I don’t believe there are any breaks. I don’t believe you can deduct anything for your first degree.
Think about it. Why should you get a tax break on the 40 hours of work cause you’re also going to college?
Go to www.irs.gov and search “education expenses”. There are a lot of potential benefits. I know that when my husband got his MBA, he was working and we were able to include it as a miscellaneous itemized deduction. At the time (maybe still now, I don’t know), those expenses had to exceed 2% of AGI, but they did and we got a healthy deduction. (Here is the link to what I found when I searched education expenses: http://www.irs.gov/newsroom/article/0,,id=213044,00.html).
Ill check out the IRS website. Yea mine is like more than 50% of my non taxed income. And I deserve it because I need to buy a car lol.
+1
You get a tonne of breaks. The biggest being the American Opportunity something-or-rather credit. Depending on your income, it lowers tax bill to zero AND includes a credit. The grand total credit is $2500 (1:1 for your tuition bill for the first $2k, 25% of the next $2k). Up to 40% can be a credit. If you paid $14k in just tuition (books, supplies, fees are counted too), you’d get the full $2500. Say your tax bill - the total like 1/3rd down the back side of a 1040A - is $1500, and you had $1500 withheld, your refund from the IRS would be $2500.
you shouldnt be worrying about a new car…you should just pay your “fair shair”.